The Globe and Mail reports in its Thursday edition that analysts are panning Ottawa's plans to boost taxes for banks and insurers. The Globe's Stefanie Marotta and Jameson Berkow write that the amended tax rules on dividends that banks and insurers receive from Canadian companies should generate $3.15-billion over five years starting in 2024, and $790-million yearly after that. Banks and insurers have been allowed to exclude dividends from their income, enabling them to lower their tax burden. The latest change requires financial companies to account for dividends of Canadian shares that they hold. The change could cause a modest hit to earnings per share this year, but the broader sentiment from government marks a "worrying trend," says Keefe, Bruyette & Woods analyst Mike Rizvanovic. He says investors are now "wondering about what other potential measures could be introduced in the years ahead." National Bank of Canada chief financial officer Marie Gingras is contesting the change. She says Ottawa's move came as "a bit of a surprise." Scotiabank analyst Meny Grauman says, "This rising tax burden on Canadian financials clearly points to a less favourable domestic operating environment."